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ElectricalEconomics for Engineers
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You borrow Rs 10,000 from your friend at an interest rate of 12% compounded monthly. You agree to pay your friend Rs. 300 per month. Approximately how long will it take for you to pay off your loan assuming that you pay exactly Rs. 300 per month?

A

28 months

B

33 months

C

38 months

D

41 months

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